30-Year Fixed-Rate Mortgage Moves Up to 4.91 Percent
April 14, 2011
The 30-year fixed-rate mortgage slowly increased for the fourth consecutive week, according to Freddie Mac’s weekly Primary Mortgage Market Survey.
For the week ending April 14, the 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.6 point, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.
“Although rates on 30-year fixed mortgages have risen four weeks in a row, they have remained below 5 percent for eight straight weeks now, helping to maintain affordability in the housing market,” said Frank Nothaft, Freddie Mac’s chief economist. “Meanwhile, consumer purchases of retail goods rose for the ninth consecutive month in March, suggesting families have an increasing capacity to spend, which bodes well for the economic recovery.”
The 15-year FRM averaged 4.13 percent with an average 0.7 point, up from last week when it averaged 4.10 percent. A year ago at this time, the 15-year FRM averaged 4.40 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.78 percent, with an average 0.6 point, up from last week when it averaged 3.72 percent. A year ago, the 5-year ARM averaged 4.08 percent. The 1-year Treasury-indexed ARM averaged 3.25 percent with an average 0.6 point, up from last week when it averaged 3.22 percent. At this time last year, the 1-year ARM averaged 4.13 percent.